ADTRAN (NASDAQ:ADTN) Stock Rating Lowered by Zacks Research

ADTRAN (NASDAQ:ADTN) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts also recently issued reports about the company. B. Riley Financial reaffirmed a “buy” rating and issued a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Needham & Company LLC reduced their target price on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. Wall Street Zen downgraded ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 28th. Finally, Craig Hallum set a $12.00 target price on ADTRAN in a research note on Wednesday. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.67.

ADTRAN Trading Down 9.7%

Shares of ADTN opened at $7.91 on Tuesday. ADTRAN has a 12-month low of $7.11 and a 12-month high of $19.98. The firm has a market capitalization of $644.27 million, a P/E ratio of -28.25 and a beta of 1.47. The firm has a 50-day moving average price of $13.16 and a 200 day moving average price of $12.75. The company has a current ratio of 1.79, a quick ratio of 1.18 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Monday, August 3rd. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The firm had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. The business’s quarterly revenue was up 6.0% on a year-over-year basis. Sell-side analysts forecast that ADTRAN will post 0.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased its holdings in ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after buying an additional 2,122,844 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in ADTRAN during the third quarter worth $10,168,000. Paradigm Capital Management Inc. NY grew its holdings in ADTRAN by 527.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock valued at $9,819,000 after purchasing an additional 949,909 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of ADTRAN by 5,809.7% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider’s stock worth $7,380,000 after buying an additional 773,509 shares during the last quarter. Finally, Heartland Advisors Inc. acquired a new stake in ADTRAN in the 1st quarter valued at about $9,435,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.